Copper prices, viewed widely as a barometer of economic growth, are likely to fall a further 13 percent to $6,000 per metric ton in the third quarter of 2013 on weakening demand from China, according to one analyst.
The industrial metal has tanked almost 8 percent since the start of last week on concerns over slowing growth in China and the U.S. – the world’s two largest buyers of copper.
And the metal fell 1 percent on Tuesday to around $6,825 per ton as investors expressed their disappointment to news of a fall in the HSBC China Purchasing Managers Index to a two-month low of 50.5 in April.
The metal is now down over 30 percent from highs of just over $10,000 seen in early 2011 and Andrew Su, chief executive officer of Sydney-based trading firm Compass Global Markets, said the industrial metal has a lot further to fall.
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